Art trade adjusting after US Supreme Court struck down Trump's extreme tariffs

The US Supreme Court ruled on 20 February that President Donald Trump’s earlier unilateral “reciprocal” tariffs—imposed under an emergency powers law—were unconstitutional, with six justices finding that tariff-setting power belongs to Congress. The same day, Trump announced new tariffs of up to 15% under a different emergency powers law, limited to 150 days unless Congress extends them, prompting lawsuits from attorneys general in 22 states as well as the governors of Kentucky and Pennsylvania. A federal judge in New York ruled on 4 March that companies that paid tariffs later struck down by the Supreme Court are owed refunds, adding further uncertainty. Art and antiques market participants quoted include lawyer Pierre Valentin, who said “everything is on fire,” and Memphis dealer Millicent Creech, who described hopes being dashed as tariffs shifted from 10% to 15% and worried about whether the exemption for antiques over 100 years old will remain.

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